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Newegg Inc. Announces Key Changes in Executive Leadership
8/16/2010 Press Release
CITY OF INDUSTRY, Calif - Leading online retailer Newegg Inc., the operator of Newegg.com, announced the departure of CEO and Director Tally Liu, effective as of August 12, 2010.
Founder and Chairman Fred Chang stated: "On behalf of myself and the Board of Directors, I would like to thank Tally for his past contributions to Newegg."
Chang will resume his previous role as the global CEO of Newegg Inc. In addition, S.C. Lee, Newegg's executive vice president and company director since 2005, has been appointed as the acting President of Newegg North America. An executive recruiting firm has been selected to search for a CEO for Newegg's non-China businesses to replace Mr. Liu.
Deven Parekh, managing director at Insight Venture Partners and a member of the Newegg Board of Directors, expressed his support for the executive team changes and for Newegg. Since 2005, Insight, a leading venture capital firm based in New York, has been Newegg's largest outside investor.
"We are very pleased with Newegg's progress and growth since we first began our partnership," said Parekh. "I have worked with both Fred Chang and S.C. Lee for many years and am confident that they will continue to lead Newegg to greater success."
Newegg Inc. is the second-largest online-only retailer in the United States. It owns and operates Newegg.com (www.newegg.com) which was founded in 2001 and regularly earns industry-leading customer service ratings. The award-winning website has more than 13 million registered users and offers customers a comprehensive selection of the latest high-tech products, detailed product descriptions and images, as well as how-to information and customer reviews. Using the site's online tech community, customers have the opportunity to interact with other computer, gaming and consumer electronics enthusiasts. Newegg Inc. is headquartered in City of Industry, California.